General liability insurance covers a company against losses caused by its own negligence or other people's intentional acts.
What is General Liability Insurance?
General liability insurance covers a company against losses caused by its own negligence or other people’s intentional acts. It also provides coverage for injuries to employees and others at the worksite, as well as damage caused to others’ property. In order to be covered, any injury or damage must be accidental and unintended by the insured.
Liability insurance policies are grouped into classes according to the nature of the risk they cover. These classes are A, B, C, D and X. The higher the letter class designation, the broader the scope of coverage offered by that class of policy:
A - This will include coverage for bodily injury and property damage
General liability insurance is a type of insurance that covers the insured from any harm caused by accidents or disasters, to protect against losses that are not covered by other types of insurance.
The most common general liability insurance is the Workers' Compensation Insurance Company, followed by Aflac. The most common general liability class codes are A, B, C, D.
Umbrella policies are becoming more popular for people who want to protect themselves against unforeseen events.
Umbrella policies are insurance policy that provides liability coverage should anything happen to the insured person, which is not covered by their other insurance.
The policy is not meant to replace other personal or property insurance coverage.
Choosing the right type of insurance coverage for your business is a big decision. How do you know which types of coverage you need to get and which ones you don't? It may be tempting to just get all covered, but that is not always the best way to go.
There are two types of business insurance: liability and commercial property and casualty. Liability insurance covers losses caused by bodily injury or property damage caused by the company's products or operations. Commercial property and casualty cover physical damage to your building, supplies, product inventory, equipment, etc., in addition to liability.
One of the most important aspects to have in any business is general liability insurance coverage. This helps you to keep your business afloat by providing financial protection for the damages, injuries, or death that may be caused by your business.
General liability insurance coverage protects you for not only accidents that happen on-premises but also situations where someone slips and falls off your property. It also covers incidents that happen when someone visiting your facility causes an accident.